Brokers succeeding with chatbots, refund portals, text messaging: InsurTechTO panel
November 8, 2017 Greg Meckbach, Associate EditorBrokerages looking to expand should be prepared to invest in technology and think differently, but innovation does not necessarily require a huge investment, speakers suggested Monday during InsurTechTO. “Know what you want to be and how you want to get…
North American commercial insurance buyers likely to face rate increases in 2018: Willis Towers Watson
November 7, 2017 by Canadian UnderwriterCommercial insurance buyers in North America are likely to face rate increases for 2018 insurance programs as the industry continues to tally losses following one of the most “active and financially disruptive hurricane seasons in history,” according to Willis Towers…
Wawanesa subsidiary acquires Western Financial Group
November 5, 2017 by Canadian UnderwriterTrimont Financial Ltd., a subsidiary of the Wawanesa Mutual Insurance Company, announced on Wednesday the formal closing of its previously announced agreement to purchase Western Financial Group and Western Life Assurance (collectively “Western”) from Desjardins Financial Corporation, a Desjardins Group…
Insured losses from October wildfires top $3 billion, California insurance department reports
November 2, 2017 by Canadian UnderwriterInsured losses from California’s October wildfires now top US$3 billion – a three-fold increase in just two weeks – according to updated claims loss data from the California Department of Insurance. Fifteen major insurers reported the updated $3.32 billion estimate…
Statistics Canada says real GDP contracted by 0.1% in August
October 31, 2017 Craig Wong - THE CANADIAN PRESSOTTAWA – The Canadian economy hit reverse in August, its first monthly pullback since October last year. “The amazing run of amazing Canadian economic data is officially over, with growth coming back to reality in a hurry,” Bank of Montreal…
Marshall gives his take on the ‘real problem’ with auto catastrophic impairment coverage
October 30, 2017 Greg MeckbachThe Ontario auto insurance system needs to do more for claimants who are catastrophically injured and not rely so much on “competing opinions” among medical practitioners, a former chief executive officer of the workers compensation system suggested to brokers recently.…
‘Clock is running’ as Economical Insurance prepares for public offering: Saunders
October 26, 2017 Greg Meckbach, Associate EditorEconomical Insurance is looking to “expand its appetite and capabilities into other segments” of the market as it prepares for an initial public offering, president and chief executive officer Rowan Saunders suggested Thursday to Ontario brokers in Ottawa, while Gore…
Hurricanes, Mexico earthquakes cost SCOR 430 million euros in Q3
October 26, 2017 by Canadian Underwriter“An exceptional series of large natural catastrophes, with Hurricanes Harvey, Irma and Maria and earthquakes in Mexico,” has led to a cost of 430 million euros, net of retrocession and tax, for SCOR SE for the third quarter of the…
Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros
October 26, 2017 by Canadian UnderwriterExceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are…
Reinsurance sector strongly positioned to deal with potential record-breaking losses of 2017: JLT Re
October 25, 2017 by Canadian UnderwriterAfter five years of below-average loss experience, 2017 looks set to become the “most expensive catastrophe loss year ever for the P&C sector,” but reinsurers’ existing capital base is sufficient to service the bulk of losses sustained so far, a…
Bank of Canada holds rate, suggests more hikes likely at more cautious pace
October 25, 2017 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Bank of Canada left its benchmark interest rate unchanged Wednesday following two straight hikes, but suggested future increases are still likely, albeit at a more-gradual pace. In its scheduled announcement, the central bank said it held off…
Firefighters at New Brunswick Gagetown military base continue to battle fires
October 24, 2017 The Canadian Press (CPSTF)FREDERICTON – Officials at Canada’s second-largest military base say forecasted heavy rain is welcome news as crews continue to battle three fires – efforts hampered by unexploded ammunition. The fires have been burning for weeks at New Brunswick’s Gagetown base…